Match Six of the Terms (A-L)with the Definitions Provided Below

question 14

Short Answer

Match six of the terms (a-l)with the definitions provided below (1-6):
a.Acceptable risk of incorrect acceptance
b.Acceptable risk of incorrect rejection
c.Difference estimation
d.Misstatement bounds
e.Monetary unit sampling
f.Mean-per-unit estimation
g.Point estimate
h.Probability proportional to size sample selection
i.Ratio estimation
j.Statistical inferences
k.Stratified sampling
l.Variable sampling
________ 1.Conclusions drawn from sample results based on knowledge of sampling distributions.
________ 2.Sampling techniques for tests of details that use the statistical inference processes.
________ 3.The risk that the auditor is willing to take of concluding a balance is materially misstated when it is,in fact,fairly stated.
________ 4.A statistical sampling method that provides upper and lower misstatement bounds expressed in monetary amounts.
________ 5.A method of variables sampling in which the auditor estimates the population misstatement by multiplying the average misstatement in the sample by the total number of population items and also calculates sampling risk.
________ 6.The risk that the auditor is willing to take of accepting a balance as correct when the true misstatement in the balance is greater than tolerable misstatement.

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Definitions:

Income Tax Expense

The amount of money a company or individual owes to the government based on the taxable income earned during a fiscal year.

Interim Period

A temporary or Middle phase in a fiscal year or financial reporting period, often used for assessing a company's performance partway through the year.

Segment Profit or Loss

The financial performance of a distinct unit within a company, often evaluated to assess its contribution to the overall business.

U.S. GAAP

United States Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in the United States.